Port Orchard, Washington

Olympic View

Posted In — Success Stories |
Garden Style
Property Type
Sales Price
Unit complex

The Olympic View property consists of 38 brand new units atop a steep natural grade just off Orlando St (Port Orchard).

This best-in-class apartment complex holds a diversified unit mix of 1’s, 2’s and 3-bedroom units. All units were constructed front to back, allowing for unobstructed views of the Olympics. In 2020, ownership engaged Ted Sipila and Austin Kelley (Kidder Mathews Team) on how best to price and market this unique offering.

The History

Constructed in 2018, Olympic View set a new market standard for its finishes, quality of construction and market rents. With prior new construction in 2014, (The Sinclair) Olympic view was truly first of its kind real estate in this growing market. Olympic View is a three-story garden style complex with units’ plates ranging from 556 SF – 1242 SF. This 38-unit complex sits just 2.5 miles SE of Port Orchards foot ferry and seven miles (15-minute drive) west of the Southworth Ferry Terminal. Upon completion of Kitsap’s brand-new fast ferry, Olympic View will be a transit oriented multifamily community with ties to Seattle’s CBD. The Olympic View complex offering was presented to investors as turn-key multifamily with untapped future rent growth and very little capital expenses for years to come.

The Challenge

Officially launched live on the market in January 2020, Olympic View soon faced unprecedented market uncertainty as investors around the nation took focus on the global COVID-19 pandemic. Even through these unforeseen times, Kidder Mathews was able to match a buyer and a seller and fall under contract. However, the building momentum of the pandemic eventually caused the buyer to shift their focus from new investments to managing their current portfolio. In response, The Kidder Mathews team pulled the listing from the market with the goal of re-launching in more certain times.

The Results

In June of 2020, the Kidder Mathews team re-launched Olympic View, working diligently to overcome any setbacks. Olympic View saw tremendous interest and eventually struck a deal—setting market records in Port Orchard. Trading at 268k/door (Port Orchard record), a cap rate of 5% and a total purchase price of $10,200,000. Olympic View was purchased by a well-qualified investor/client of the KM team, and in turn ownership saw this rare offering successfully close. Both the buyers and sellers are extremely well positioned for continued success in the multifamily industry.

olympic view

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